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FOR IMMEDIATE RELEASE:
Thursday, June 30, 2005
Contact: ACF Press Office
(202) 401-9215
ACF Awards $1.5 Million to Support Low-Income Individuals, Families
'Assets for Independence' grants promote economic self-sufficiency
HHS' Administration for Children and Families (ACF) today announced seven awards totaling $1,449,027 to provide financial education and economic support services to low-income individuals and families through the Assets for Independence (AFI) program.
"These grants will advance the goal of self-sufficiency for low-income families," said Wade F. Horn, Ph.D., HHS assistant secretary for children and families. "By providing these resources needed to get a college education, purchase a first home or start a small business, President Bush is helping disadvantaged individuals and families enter the economic mainstream."
Today's grants include:
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$500,000 to the Associated Community Action Program in Hayward, Calif.
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$46,000 to the Belmont Shelter Corporation in Buffalo, N.Y.
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$40,080 to the Central Arkansas Development Council in Benton, Ark.
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$80,000 to the Durham Regional Community Development Group in Durham, N.C.
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$47,647 to the Four Bands Community Fund in Eagle Butte, S.D.
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$500,000 to the United Way of Treasure Valley in Boise, Idaho
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$235,300 to the United Way of Palm Beach County in Boynton Beach, Fla.
AFI is a federal grant program administered by the Office of Community Services at ACF. Grantees assist participants with saving earned income in special bank accounts called Individual Development Accounts (IDAs). Every dollar saved by a participant is matched with grant funds. Participants use IDA resources to acquire long-term assets, applying the funds toward buying a first home, paying for higher education or to support a small business.
AFI provides five-year grants of up to $1,000,000 to nonprofit organizations and state, local and tribal governments. Currently more than 315 AFI projects are underway across the country, with more than 21,000 families saving earned income in IDAs.
For more information on AFI, go to: www.acf.hhs.gov/assetbuilding/.
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Note: All HHS press releases, fact sheets and other press materials are available at www.hhs.gov/news